TIDMMPLF
RNS Number : 7412F
Marble Point Loan Financing Limited
16 July 2019
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN, OR ANY
OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF APPLICABLE LAW.
16 July 2019
Marble Point Loan Financing Limited
Unaudited Net Asset Value and Publication of Monthly Report
As at the close of business on 28 June 2019, the estimated
unaudited net asset value ("NAV") per Ordinary Share of Marble
Point Loan Financing Limited ("MPLF") is as follows:
Share class June 2019 May 2019 Month Monthly Change Total Return
Month End End NAV (1) in NAV (1) since Admission
NAV (1) (1)
Ordinary Shares USD 0.8582 USD 0.8665 USD (0.0083) (4.14%)
------------ ---------------- ---------------- -----------------
MPLF's NAV total return was (0.95%) in June. During this same
period, the CSLLI, the ICE BAML HYI and the S&P 500 Index
registered monthly total returns of 0.22%, 2.42% and 7.05%,
respectively.
Leveraged loan prices stayed largely unchanged throughout June
as selling pressure from continued retail fund outflows was largely
digested by consistent CLO formation amidst a still muted new issue
loan calendar. The average price of the CSLLI moved up slightly to
96.78% as at 28 June 2019 from 96.72% as at 31 May 2019. Net retail
fund outflows increased in June to $3.6 billion from $2.9 billion
in May according to JP Morgan, as retail investors responded to
continued dovish signals from the Federal Reserve regarding
potential rate cuts. Primary loan supply remained constrained as
institutional loan volume fell to $21.0 billion in June from $29.2
billion in May. On the demand side of the market, CLO formation in
June remained healthy with $10.2 billion of new issuance.
Subsequent to month end, the CSLLI has moved up to 96.92% as at 12
July 2019.
MPLF completed its previously announced investment of $17.4
million for a 53.6% interest in the equity tranche of Marble Point
CLO XV in connection with the closing of the transaction on 6 June
2019. The closing of Marble Point CLO XV allowed MPLF to crystalize
its return on the associated loan accumulation facility ("LAF") in
which MPLF had invested $28.5 million, achieving a realized IRR of
over 16% on MPLF's investment from the facility's inception in
December 2018.
MPLF's total investment in a new loan accumulation facility
stands at $9.5 million as at 28 June 2019. Supported by this and
third party equity capital, the total amount of ramped assets in
the LAF was $177.8 million as at 28 June 2019.
There were 21 new U.S. CLOs issued in June, representing
approximately $10.2 billion of issuance, bringing the YTD total to
$65.1 billion as compared to $69.1 billion for the corresponding
2018 YTD period, as reported by S&P/LCD. June also saw $1.2
billion of CLO reset issuance and $4.4 billion of CLO refinancing
activity, bringing the full year totals to $10.6 billion and $12.5
billion, respectively.
Three constituents of the S&P/LSTA Leveraged Loan Index -
Neiman Marcus, Monitronics International and Sheridan Fund II -
defaulted in June, increasing the lagging 12-month default rate to
1.34%, as reported by S&P/LCD. MPLF had no exposure to Neiman
Marcus, Monitronics International or Sheridan Fund II.
MPLF's June 2019 Monthly Report is available on its website:
www.mplflimited.com
(1) NAV figures are provided for informational purposes only and
are unaudited, estimated by Marble Point Credit Management LLC
("Marble Point"), the investment manager of MPLF, and subject to
adjustment. Marble Point estimates MPLF's NAV on a monthly basis.
Estimates with respect to a date falling on a calendar quarter end
are subject to revision when the quarterly NAV is determined. NAV
is calculated as the sum of the value of MPLF's investment
portfolio, any cash or cash equivalents and other assets less
liabilities. NAV total return figures shown are estimated,
unaudited and subject to adjustment and reflect the net total NAV
return, inclusive of dividends, for the periods shown and as from
MPLF's admission to the Specialist Fund Segment of the London Stock
Exchange on 13 February 2018, after taking into account listing and
offering costs and pre-admission profits and loss. Monthly and
cumulative performance figures are non-annualised and such results
reflect the deductions of applicable management fees and expenses
at the underlying investment levels.
(2) The Credit Suisse Levered Loan Index ("CSLLI") tracks the
investable universe of the US dollar denominated leverage loan
market. The ICE BofAML US High Yield Index ("ICE BofAML HYI")
tracks the performance of US dollar denominated below investment
grade corporate debt publicly issued in the U.S. domestic market.
The S&P 500 tracks the performance of US equity markets. Index
returns do not reflect any deductions for fees, expenses or taxes.
You cannot invest directly in an index.
Note: Past performance is not indicative or a guarantee of
future performance.
This release contains inside information.
Enquiries:
Marble Point Loan Financing Limited
Investor Relations
T: +44 (0) 20 7259 1500
E: ir@mplflimited.com
Website: www.mplflimited.com
Corporate Broker:
Stifel Nicolaus Europe Limited
Neil Winward, Corporate Broker - Investment Funds
T: +44 (0) 20 7710 7600
IMPORTANT INFORMATION
Marble Point Loan Financing Limited (the "Company") is a
closed-ended investment company incorporated in Guernsey with its
ordinary shares ("Shares") admitted to trading on the Specialist
Fund Segment of the Main Market of the London Stock Exchange
(ticker: MPLF.LN). The Company is invested in a diversified
portfolio of US dollar denominated, broadly syndicated floating
rate senior secured corporate loans via CLOs, loan accumulation
facilities and other vehicles managed by Marble Point Credit
Management LLC ("Marble Point") or its affiliates. Marble Point is
an investment adviser registered with the U.S. Securities and
Exchange Commission.
This document is provided for informational purposes only and
does not constitute an offer to sell any Shares, notes or other
securities (collectively, "Securities") issued by the Company or a
solicitation of an offer to purchase any such Securities in the
United States, Australia, Canada, the Republic of South Africa,
Japan or any other jurisdiction. This document may not be relied
upon, and should not be used, for the purpose of making any
investment decision. This document and the information and views
included herein do not constitute investment advice or a
recommendation or an offer to enter into any transaction with the
Company or any of its affiliates. Any recipient of this document
should make such investigations as it deems necessary to arrive at
an independent evaluation of any investment and should consult its
own legal counsel and financial, actuarial, accounting, regulatory
and tax advisers to evaluate any such investment. This document has
been issued by the Company and is the sole responsibility of the
Company.
The Securities have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, or with any securities
regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold in the United States
to, or for the account or benefit of, U.S. persons unless they are
registered under applicable law or exempt from registration. The
Company has not been and will not be registered under the U.S.
Investment Company Act of 1940, and investors will not be entitled
to the benefits of such Act.
The information shown herein is estimated, unaudited, for
background purposes only, representative as of the dates specified
herein, subject to adjustment and not purported to be full or
complete. Nothing herein shall be relied upon as a representation
as to the current or future performance or portfolio holdings of
the Company or any strategy or investment vehicle. Certain
information presented herein has been obtained from third party
sources and is believed to be reliable. However, neither the
Company nor Marble Point represents that the information contained
in this document (including third party information) has been
independently verified or is accurate or complete, and it should
not be relied upon as such. Index information, if any, has been
provided for illustration purposes only. Any such information does
not reflect the effect of transaction costs, management fees or
other costs which would reduce returns. An investor cannot invest
directly in an index.
There is no guarantee that any of the goals, targets or
objectives described in this document will be achieved. The
investment strategies of the Company may not be suitable for all
investors and are not intended to constitute a complete investment
program. Neither Marble Point nor the Company makes any
representation or warranty (express or implied) with respect to the
information contained herein (including, without limitation,
information obtained from third parties) and each of them expressly
disclaims any and all liability based on or relating to the
information contained in, or errors or omissions from, these
materials; or based on or relating to the use of these materials;
or any other written or oral communications transmitted to the
recipient or any of its affiliates or representatives in the course
of its evaluation of the information herein.
Any of the views or opinions expressed herein are current views
and opinions only and may be subject to change. Statements made
herein are as of the date of this document and should not be relied
upon as of any subsequent date. All information is current as of
the date of this document and is subject to change without
notice.
Past performance is not a reliable indicator of current of
future results. The value of investments may go down as well as up
and investors may not get back any of the amount invested. The
value of investments designated in another currency may rise and
fall due to exchange rate fluctuations in respect of the relevant
currencies. Adverse movements in currency exchange rates can result
in a decrease in return and a loss of capital.
A Note on Forward Looking Statements. This document includes
forward-looking statements. Forward-looking statements include all
matters that are not historical facts. Actual results may differ
materially from any results projected in the forward-looking
statements and are subject to risks and uncertainties. Such
statements are based on current expectations, involve known and
unknown risks, a reliance on third parties for information, and
other factors that may cause actual results to differ materially
from the anticipated results expressed or implied by such
forward-looking statements. The Company and Marble Point caution
readers not to place undue reliance on such statements. Neither the
Company nor Marble Point undertakes, and each specifically
disclaims, any obligation or responsibility, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement. Actual results may differ materially from the Company's
and/or Marble Point's expectations and estimates.
None of the Company, Marble Point or any of their respective
parent or subsidiary undertakings, or the subsidiary undertaking of
any such parent undertakings, or any of such person's respective
partners, shareholders, directors, members, officers, affiliates,
agents, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any information or opinions presented or contained in
this document nor shall they accept any responsibility whatsoever
for, or make any warranty, express or implied, as to the truth,
fullness, accuracy or completeness of the information in this
document (or whether any information has been omitted from the
document) or any other information relating to the Company, Marble
Point or their respective subsidiaries or associated companies, in
any form whatsoever, howsoever transmitted or made available or for
any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith. This shall
not affect any liability any such person may have which may not be
excluded under applicable law or regulation.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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